It's a tough day for Walgreens (WBA) - Get Walgreens Boots Alliance Inc Report investors, with shares falling almost 13% in Tuesday's session, closing at $55.36. 

The stock initially fell "just" 7% in pre-market trading after the company missed on earnings per share and revenue expectations for its fiscal second quarter. However, an uninspiring conference call and outlook left investors even more displeased with the results.

Perhaps it's not surprisingly then that shares are hitting new 52-week lows. That's not motivating bulls to step in and buy Walgreens stock and based on the charts, I'm not sure that it should. Let's take a closer look.

Trading Walgreens Stock

13-month daily chart of Walgreens stock.

Walgreens stock is not only hitting new 52-week lows, but actually its lowest level in more than four years. To say it's been a painful run would be an understatement and like CVS Health (CVS) - Get CVS Health Corporation Report , the drug store and convenience store stocks have been getting hit hard.

Where will Walgreens find some relief? In December, Walgreens was hitting a multi-year high, up near $86. Four months later and it's down an astonishing 35%. The problem with buying the dip? Shares blew right through $60, a clear "line in the sand" over the past year. This level was clear support dating back to April 2018. Now below it, it creates serious concern on whether Walgreens stock is now in no man's land.

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While the price action has been tough for Walgreens stock, there is a bit of hope on the long-term charts. As you can see below, $55 played a notable role back in late 2013 and late 2014. This level first acted as multi-month resistance before turning into multi-month support almost a year later.

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Six-year weekly chart of Walgreens stock.

Bulls are praying that $55 still acts as support, although "hope" is generally not considered a very strong investment thesis.

If $55 holds over the next few sessions, investors who want to take a shot on the long side at least have a risk/reward level to measure against. On the upside, bulls can target $60, provided $55 acts as support. It will be key to see then whether the $60 level acts as support or resistance. Should $55 fail as support, bulls need to let this one flush out.

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.